China vehicle production and sales decline 6.8% and 3.1% respectively in May

On June 11, the China Association of Automobile Manufacturers (CAAM) announced vehicle production and sales results for the month of May, 2021.
In May 2021, production and sales both experienced year-over-year (y/y) decreases. The passenger vehicle sector reflected slight y/y decreases in production and sales as it became harder for the sector to continue the y/y growth trend considering the rapid increases in production and sales in May 2020. However, luxury vehicles bucked the downward trend by achieving y/y increases in production and sales. With regard to commercial vehicles, trucks reflected a significant y/y decrease in production under a deadline impact because all trucks produced, sold, imported and registered after July 1, 2021 have to meet the China 6 emission standards. Buses underwent substantial y/y increases in production and sales in May due to the strong performance of the microbus market. Production and sales of new energy vehicles continued to reflect a positive trend in production and sales. Vehicle exports also performed well in May.
Overall vehicle production in May totaled 2.04 million units, reflecting a 6.8% y/y decrease, while sales totaled 2.128 million units, reflecting a 3.1% y/y decrease. Cumulative production and sales volumes of the period from January through May were 10.626 million units and 10.875 million units, up by 36.4% and 36.6% y/y respectively.
In May, passenger vehicle production and sales reached 1.617 million units and 1.646 million units, representing a 2.7% and 1.7% y/y decrease respectively. The passenger vehicle production for the January to May period totaled 8.285 million units, up by 39.1% y/y, while sales were 8.437 million units, up by 38.1% y/y.
Among commercial vehicles, production in May totaled 424,000 units, reflecting a 19.6% y/y decrease. Commercial vehicle sales were 482,000 units, reflecting a 7.4% y/y decrease. The period from January through May has recorded a total of 2.341 million units and 2.438 million units for commercial vehicle production and sales volumes respectively, reflecting a y/y increase of 27.8% and 31.9%.
In May, NEV production and sales both reached 217,000 units, reflecting a 150% and a 160% y/y increase respectively. Among NEVs, BEV (battery electric vehicle) production was 181,000 units, reflecting a 180% y/y increase, while sales were 179,000 units, reflecting a 170% y/y increase. PHV (plug-in hybrid vehicle) production was 36,000 units, reflecting a 67.8% y/y increase, while sales were 39,000 units, reflecting a 120% y/y increase. FCV (fuel cell vehicle) production and sales were 38 units and 9 units respectively, down by 41.5% and 90.0% y/y respectively. For the first five month in total, NEV production and sales volumes were 967,000 units and 950,000 units, both reflecting a 220% y/y increase. Among NEVs, BEV production and sales reached 818,000 units and 794,000 units, up by 260% and 250% y/y. PHV production and sales were 149,000 units and 156,000 units, up by 110% and 130% y/y. FCV production and sales were 188 units and 207 units, down by 47.3% and 44.1% y/y.
Overall vehicle exports in May reached 151,000 units, reflecting a 210% y/y increase. Passenger vehicle exports totaled 115,000 units, reflecting a 230% y/y increase, while commercial vehicle exports totaled 36,000 units, reflecting a 160% y/y increase. Total exports of the first five months in 2021 were 670,000 units, reflecting a 110% y/y increase. Cumulative passenger vehicle exports were 511,000 units, up by 110% y/y, while cumulative commercial vehicle exports were 158,000 units, up by 100% y/y.
(From a CAAM press release issued in June 2021)
(China’s monthly sales figures)

Vehicle sales data (flash report in May, 2021)

Source: from the China Association of Automobile Manufacturers and other reports

Vehicle production data (flash report in May, 2021)

Source: from the China Association of Automobile Manufacturers and other reports